Topic: Bitcoin is possibly the beginning of the fall of the controlled banking system ! (Read 152 times)

Yes this factor is alarming for developing countries , like my country. A big amount of money is entering in our country through foreign remittance which makes back the middle man. If there were not back govt could not get much tax , and the quality of the consumer could increase.

the banking system is destroying itself overtime. crypto is a non inflationary alternative

This is true, but it's interesting how the technology being somewhat behind could also work in favor of Bitcoin. Check out this story:

http://www.bbc.com/news/world-africa-42582343

I'm working under the assumption that limited infrastructure is one of the reasons why transferring funds across borders is expensive, but Bitcoin seems to solve that problems for at least a couple of people. Bitcoin fees are smaller, and the people won't even have to go through all that banking red tape as a bonus.

Bitcoin can certainly disrupt how the banking system currently operates, but I wouldn't go as far as to say Bitcoin will be the death of it. Bitcoin still has a lot of problems ahead of it, like scaling, volatility, etc.

There are empty patches in the coverage for both Bitcoin and banks.  There are many places in the world where banks don't operate at all, so the ones that do have internet access are ideal for Bitcoin.  Even in parts of the developed world there are people who are currently "unbanked".  Some by choice, some not.  It's estimated there are currently 2 billion people around the world without access to a financial institution.



The problem is, fraud can go both ways.  In the traditional finance sector, it's slightly easier for the consumer to defraud the merchant, while in Bitcoin it's slightly easier for the merchant to defraud the consumer.  Although many consider Bitcoin's method preferable because it encourages personal responsibility.  Plus, reputable merchants should be transparent and have their contact details in plain sight for when there are disputes and people should ideally only be doing business with such companies.  Hopefully the development of smart contracts will continue and will, one day, eventually provide a solution to fraud altogether.

I am really concerned with the current ongoing system of BITCOIN and BANK. That's why i decided to do some research. BITCOIN and BANK both have different system , their characteristics are different in several point of view. The two frameworks (BITCOIN & BANK) are as of now existing together close by each other. Both appear as though they are digging in for the long haul for years to come in the future.

Banks Are Re-Examining Certain Sectors (Bitcoin is Independent) :

For this fact that the rise of bitcoin is making banks re- examine certain areas like exchange charges and how they connect between nations, in addition to other things. The banking system is available to control while bitcoin is practically designed and permits the control of nobody individual or company. It is independent system. The chances are the adoption of bitcoin or other decentralized monetary standards will increment because of its convenience and being carefully designed.

Poor Nations will suffer

In poor nations with restricted access to the web or territories without power, for example,many areas in Africa continent don't got sufficient support , there are still obstacles to cross there. So the basic things like internet connection , electricity access etc. Still Bank exist there. But they are following conventional paper work. Still They have not convert the system to online.  Both bitcoin and the conventional banking system will exist together for years to come.

Bank Charges High transaction between Countries

Banks can charge high expenses for exchanges between nations, while bitcoin can do it for next to no cost, anyplace on the planet , at a fixed and similar rate.

Things to consider with BITCOIN (May be Flaws, need to sort out)

1. Utilization of a decentralized money like bitcoin has some problems, because there is no option for charge backs and the protection it offers over conventional banking, No one can reverse the payment once done. Actually i am dreaming how to solve this criteria?

2.  Loss of private keys or being miss written implies nobody repays you and the coins are lost always in case of a private key misfortune.

Is there any device that will save the private key and synchronize with eye or finger. It's like (private key + Biotech) for valid risk less transaction ?

Despite the fact that bitcoin is possibly the beginning of the fall of the controlled banking system .It is easier to conceal a private key than it is to hide funds in bank accounts. This could ensure individuals in case of malignant separation cases, in addition to other things gave no connection between the two systems is demonstrated and no laws are broken. I really want to tie the central bank with Bitcoin.

I have tried my best to write articles . If you feel good , please commend me for Merit.  Thanks in advance.
Anyway please feel free to post your opinion.